Shares of FuelCell Energy Inc. (FCEL) climbed 16 percent to $2.47, the most intraday since May 10, after the developer of fuel-cell technology announced Thursday that Pacific Gas and Electric Company (PG&E) has ordered two 1.4 Megawatt DFC1500 fuel cell power plants for installation at two universities in California. FuelCell estimates the value of these contracts to be approximately $12.6 million.
“We are excited to be working with PG&E to be providing a utility owned power generation solution that is highly efficient and ultra-clean,” commented R. Daniel Brdar, Chairman and CEO of FuelCell Energy, Inc. “Universities are an ideal location for our fuel cell power plants, particularly with the Combined Heat & Power (CHP) application that captures the heat byproduct for use by the university. This type of CHP application has attained efficiency levels approaching 80%, well above alternate methods for generating electricity.”
FuelCell Energy, whose shares have dropped more than 40% on a year-over-year basis, gained 34 cents, or 15.61 percent, to $2.46 at 11:22 EDT in Nasdaq composite trading.